Ricky Sandler Eminence Capital
Ricky Sandler is the founder of Eminence Capital, a fundamental long/short equity firm. Eminence is known for research-driven positions across sectors and for an active approach to portfolio construction rather than passive cloning of indexes. Sandler’s firm is frequently listed among notable fundamental hedge funds followed through 13F disclosures.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Graphic Packaging
GPK
|
+$180M |
| 2 |
Royal Caribbean
RCL
|
+$179M |
| 3 |
Thermo Fisher Scientific
TMO
|
+$134M |
| 4 |
Alibaba
BABA
|
+$119M |
| 5 |
PayPal
PYPL
|
+$95M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lennar Class A
LEN
|
+$202M |
| 2 |
IQVIA
IQV
|
+$151M |
| 3 |
CSOD
Cornerstone OnDemand, Inc.
CSOD
|
+$145M |
| 4 |
Vulcan Materials
VMC
|
+$103M |
| 5 |
Pegasystems
PEGA
|
+$96.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 25.1% |
| 2 | Communication Services | 18.59% |
| 3 | Technology | 12.52% |
| 4 | Healthcare | 12.2% |
| 5 | Financials | 11.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Intercontinental Exchange
ICE
$90.5B
| $353M | 6.86% |
4,680,455
-170,735
| -4% | -$13.1M |
|
2
Liberty Media Series C
FWONK
$26.3B
| $288M | 5.61% |
9,713,282
-1,169,663
| -11% | -$36.4M |
|
|
3
IQVIA
IQV
$42.8B
| $273M | 5.31% |
2,349,594
-1,243,270
| -35% | -$151M |
|
|
BERY
4
DELISTED
Berry Global Group, Inc.
BERY
| $217M | 4.22% |
4,962,740
-252,782
| -5% | -$10.8M |
|
|
5
Vulcan Materials
VMC
$35.8B
| $201M | 3.91% |
2,034,724
-1,011,137
| -33% | -$103M |
|
6
US Foods
USFD
$23.7B
| $198M | 3.86% |
6,261,523
-1,852,423
| -23% | -$57.1M |
|
7
Alphabet (Google) Class C
GOOG
$4.18T
| $194M | 3.79% |
3,756,080
+854,640
| +29% | +$45.7M |
|
8
Restaurant Brands International
QSR
$28.2B
| $191M | 3.72% |
3,659,184
+1,410,830
| +63% | +$78.3M |
|
|
IMPV
9
DELISTED
Imperva, Inc.
IMPV
| $175M | 3.4% |
3,137,358
-5,284
| -0.2% | -$287K |
|
10
CF Industries
CF
$19.6B
| $170M | 3.32% |
3,916,214
-24,359
| -0.6% | -$1.14M |
|
11
Danaher
DHR
$154B
| $170M | 3.3% |
1,854,770
+651,194
| +54% | +$59.1M |
|
12
Microsoft
MSFT
$3.59T
| $169M | 3.28% |
1,659,467
-79,851
| -5% | -$8.55M |
|
|
13
Graphic Packaging
GPK
$3.54B
| $164M | 3.19% |
+15,411,090
| New | +$180M |
|
|
14
Royal Caribbean
RCL
$78.1B
| $160M | 3.11% |
+1,635,235
| New | +$179M |
|
|
INXN
15
DELISTED
Interxion Holding N.V.
INXN
| $153M | 2.97% |
2,821,396
+38,955
| +1% | +$2.34M |
|
|
16
Lennar Class A
LEN
$21B
| $148M | 2.89% |
3,916,890
-4,951,339
| -56% | -$202M |
|
|
ELLI
17
DELISTED
Ellie Mae Inc
ELLI
| $145M | 2.82% |
2,309,552
+257,667
| +13% | +$18.4M |
|
|
18
PayPal
PYPL
$52.7B
| $135M | 2.62% |
1,601,263
+1,140,833
| +248% | +$95M |
|
|
EA
19
DELISTED
Electronic Arts
EA
| $134M | 2.61% |
1,698,682
+686,510
| +68% | +$63M |
|
|
20
Thermo Fisher Scientific
TMO
$233B
| $128M | 2.49% |
+571,295
| New | +$134M |
|
21
Wendy's
WEN
$1.72B
| $125M | 2.43% |
8,008,106
-4,072,063
| -34% | -$69.4M |
|
22
Hilton Worldwide
HLT
$73.5B
| $120M | 2.34% |
1,670,907
-576,728
| -26% | -$41.7M |
|
23
Take-Two Interactive
TTWO
$44.8B
| $116M | 2.27% |
1,131,540
+109,762
| +11% | +$12.6M |
|
|
24
Alibaba
BABA
$286B
| $110M | 2.14% |
+802,046
| New | +$119M |
|
25
Norwegian Cruise Line
NCLH
$7.92B
| $90M | 1.75% |
2,123,668
-993,653
| -32% | -$48.2M |
|
Similar funds
Ricky Sandler's Q4 2018 Portfolio in Review
As of Q4 2018, Ricky Sandler held 51 positions worth $5.14B, down 16% from $6.08B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
Ricky Sandler withdrew a net $181M in Q4 2018, closing 7 positions and reducing 21 holdings. Its most notable exit was Cornerstone OnDemand, Inc., an estimated $145M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 25% of assets, up from 21% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Ricky Sandler opened a new position in Graphic Packaging worth $164M.
- Ricky Sandler's largest Q4 2018 buy was Graphic Packaging: 15,411,090 shares worth $164M.
- Ricky Sandler added most to PayPal in Q4 2018, an estimated $95M increase.
- Ricky Sandler's biggest Q4 2018 reduction was Lennar Class A, cutting an estimated $202M.
- Ricky Sandler fully exited Cornerstone OnDemand, Inc. in Q4 2018, selling an estimated $145M.
- Ricky Sandler's ten largest holdings make up 44% of its $5.14B portfolio in Q4 2018.
- Ricky Sandler opened 11 new positions and closed 7 in Q4 2018.
- Ricky Sandler's portfolio value fell 16% quarter-over-quarter to $5.14B.
Based on Eminence Capital's 13F filing for Q4 2018, filed 14 Feb 2019.